BP (NYSE:BP) Price Target Cut to $42.00

BP (NYSE:BP) had its price target cut by equities researchers at Scotiabank from $47.00 to $42.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “sector outperform” rating on the oil and gas exploration company’s stock. Scotiabank’s price target would indicate a potential upside of 19.35% from the company’s previous close.

BP has been the subject of several other reports. Raymond James boosted their price objective on BP from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Piper Sandler boosted their price objective on BP from $40.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Wells Fargo & Company reduced their price objective on BP from $42.00 to $41.00 and set an “equal weight” rating for the company in a research report on Friday. Erste Group Bank restated a “hold” rating on shares of BP in a research report on Friday, June 14th. Finally, StockNews.com downgraded BP from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.88.

BP Stock Performance

NYSE:BP traded up $0.14 during midday trading on Friday, reaching $35.19. 7,896,404 shares of the company traded hands, compared to its average volume of 8,714,698. The firm has a market capitalization of $98.04 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.86 and a beta of 0.65. The company has a fifty day moving average price of $36.50 and a 200 day moving average price of $36.57. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.23 and a quick ratio of 0.94. BP has a twelve month low of $33.52 and a twelve month high of $40.84.

BP (NYSE:BP) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas exploration company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.06). BP had a return on equity of 13.49% and a net margin of 4.51%. The firm had revenue of $48.88 billion during the quarter, compared to analyst estimates of $53.65 billion. The firm’s revenue was down 13.0% on a year-over-year basis. During the same period last year, the business earned $1.66 EPS. On average, analysts expect that BP will post 4.7 EPS for the current fiscal year.

Hedge Funds Weigh In On BP

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Butensky & Cohen Financial Security Inc. boosted its position in shares of BP by 1.1% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 124,818 shares of the oil and gas exploration company’s stock valued at $4,506,000 after purchasing an additional 1,354 shares during the period. Indiana Trust & Investment Management CO boosted its position in BP by 29.1% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 2,034 shares of the oil and gas exploration company’s stock worth $73,000 after acquiring an additional 459 shares during the period. Kingswood Wealth Advisors LLC boosted its position in BP by 5.4% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 8,001 shares of the oil and gas exploration company’s stock worth $289,000 after acquiring an additional 408 shares during the period. Trust Co. of Vermont boosted its position in BP by 34.5% during the 2nd quarter. Trust Co. of Vermont now owns 2,839 shares of the oil and gas exploration company’s stock worth $102,000 after acquiring an additional 729 shares during the period. Finally, Quent Capital LLC acquired a new stake in BP during the 2nd quarter worth about $38,000. Institutional investors and hedge funds own 11.01% of the company’s stock.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.